XML 50 R40.htm IDEA: XBRL DOCUMENT v3.25.4
Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Summary of Loans A summary of loans at December 31, 2025 and 2024 follows (in thousands):

 

 

 

2025

 

 

2024

 

Construction and land development

 

$

361,678

 

 

$

236,258

 

Agricultural real estate

 

 

374,143

 

 

 

391,436

 

1-4 family residential properties

 

 

494,258

 

 

 

502,243

 

Multifamily residential properties

 

 

340,324

 

 

 

334,032

 

Commercial real estate

 

 

2,582,404

 

 

 

2,442,627

 

Loans secured by real estate

 

 

4,152,807

 

 

 

3,906,596

 

Agricultural loans

 

 

307,290

 

 

 

239,138

 

Commercial and industrial loans

 

 

1,385,421

 

 

 

1,340,865

 

Consumer loans

 

 

32,109

 

 

 

54,481

 

All other loans

 

 

161,604

 

 

 

169,232

 

Total gross loans

 

 

6,039,231

 

 

 

5,710,312

 

Less: loans held for sale

 

 

5,203

 

 

 

6,614

 

Total gross loans held for investment

 

 

6,034,028

 

 

 

5,703,698

 

Less:

 

 

 

 

 

 

Net deferred loan fees, premiums and discounts

 

 

27,857

 

 

 

37,850

 

Allowance for credit losses

 

 

74,875

 

 

 

70,182

 

Net loans

 

$

5,931,296

 

 

$

5,595,666

 
Summary of Gross Commercial Real Estate Loans by Property Type

The following table represents the gross commercial real estate loans by property type as of December 31, 2025 (in thousands):

 

 

 

December 31, 2025

 

Commercial real estate

 

 

 

Owner occupied

 

$

747,512

 

Non owner occupied

 

 

 

Shopping centers and malls

 

 

264,961

 

Industrial and warehouse

 

 

237,522

 

Hotels and motels

 

 

218,073

 

Skilled nursing facility

 

 

187,875

 

Assisted living facility

 

 

170,733

 

Office

 

 

160,524

 

Retail

 

 

112,169

 

RV parks and campgrounds

 

 

104,267

 

Other property types

 

 

378,768

 

Total commercial real estate

 

$

2,582,404

 
Allowance for Credit Losses Based on Portfolio Segment

The following tables present the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2025, 2024, and 2023 (in thousands):

 

 

 

Construction
and Land
Development

 

 

Agricultural
Real Estate

 

 

1-4 Family
Residential
Properties

 

 

Commercial
Real Estate

 

 

Agricultural
Loans

 

 

Commercial
and
Industrial

 

 

Consumer
Loans

 

 

Total

 

Twelve months ended December 31, 2025

 

Beginning Balance

 

$

3,275

 

 

$

1,361

 

 

$

3,579

 

 

$

32,669

 

 

$

1,957

 

 

$

25,602

 

 

$

1,739

 

 

$

70,182

 

Initial allowance on loans purchased with credit deterioration

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Provision for credit loss expense

 

 

1,961

 

 

 

(131

)

 

 

66

 

 

 

4,003

 

 

 

925

 

 

 

2,582

 

 

 

515

 

 

 

9,921

 

Loans charged off

 

 

107

 

 

 

—

 

 

 

156

 

 

 

1,197

 

 

 

2,503

 

 

 

2,485

 

 

 

1,425

 

 

 

7,873

 

Recoveries collected

 

 

—

 

 

 

53

 

 

 

264

 

 

 

114

 

 

 

1,022

 

 

 

586

 

 

 

606

 

 

 

2,645

 

Ending balance

 

$

5,129

 

 

$

1,283

 

 

$

3,753

 

 

$

35,589

 

 

$

1,401

 

 

$

26,285

 

 

$

1,435

 

 

$

74,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2024

 

Beginning Balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 

Initial allowance on loans purchased with credit deterioration

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Provision for credit loss expense

 

 

352

 

 

 

(5

)

 

 

(785

)

 

 

1,178

 

 

 

3,587

 

 

 

510

 

 

 

798

 

 

 

5,635

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

195

 

 

 

451

 

 

 

2,410

 

 

 

688

 

 

 

2,004

 

 

 

5,748

 

Recoveries collected

 

 

5

 

 

 

—

 

 

 

339

 

 

 

184

 

 

 

75

 

 

 

330

 

 

 

687

 

 

 

1,620

 

Ending balance

 

$

3,275

 

 

$

1,361

 

 

$

3,579

 

 

$

32,669

 

 

$

1,957

 

 

$

25,602

 

 

$

1,739

 

 

$

70,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2023

 

Beginning Balance

 

$

2,250

 

 

$

1,433

 

 

$

3,742

 

 

$

28,157

 

 

$

585

 

 

$

20,808

 

 

$

2,118

 

 

$

59,093

 

Initial allowance on loans purchased with credit deterioration

 

 

308

 

 

 

—

 

 

 

124

 

 

 

1,066

 

 

 

—

 

 

 

2,273

 

 

 

20

 

 

 

3,791

 

Provision for credit loss expense

 

 

374

 

 

 

(67

)

 

 

225

 

 

 

1,755

 

 

 

490

 

 

 

2,322

 

 

 

1,005

 

 

 

6,104

 

Loans charged off

 

 

14

 

 

 

—

 

 

 

87

 

 

 

25

 

 

 

408

 

 

 

529

 

 

 

1,568

 

 

 

2,631

 

Recoveries collected

 

 

—

 

 

 

—

 

 

 

216

 

 

 

805

 

 

 

38

 

 

 

576

 

 

 

683

 

 

 

2,318

 

Ending balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated

The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of December 31, 2025 and 2024 (in thousands):

 

 

 

Collateral

 

 

Allowance

 

 

 

Real Estate

 

 

Business
Assets

 

 

Other

 

 

Total

 

 

for Credit
Losses

 

Twelve months ended December 31, 2025

 

Agricultural real estate

 

$

111

 

 

 

—

 

 

 

—

 

 

$

111

 

 

 

—

 

1-4 family residential properties

 

 

600

 

 

 

—

 

 

 

—

 

 

 

600

 

 

 

—

 

Multifamily residential properties

 

 

371

 

 

 

—

 

 

 

—

 

 

 

371

 

 

 

—

 

Commercial real estate

 

 

30,208

 

 

 

—

 

 

 

—

 

 

 

30,208

 

 

 

13

 

Loans secured by real estate

 

 

31,290

 

 

 

—

 

 

 

—

 

 

 

31,290

 

 

 

13

 

Commercial and industrial loans

 

 

—

 

 

 

7,123

 

 

 

29

 

 

 

7,152

 

 

 

392

 

All other loans

 

 

—

 

 

 

11,184

 

 

 

—

 

 

 

11,184

 

 

 

84

 

Total loans

 

$

31,290

 

 

$

18,307

 

 

$

29

 

 

$

49,626

 

 

$

489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2024

 

Agricultural real estate

 

$

1,107

 

 

 

—

 

 

 

—

 

 

$

1,107

 

 

 

—

 

1-4 family residential properties

 

 

360

 

 

 

—

 

 

 

—

 

 

 

360

 

 

 

—

 

Multifamily residential properties

 

 

895

 

 

 

—

 

 

 

—

 

 

 

895

 

 

 

—

 

Commercial real estate

 

 

4,430

 

 

 

—

 

 

 

—

 

 

 

4,430

 

 

 

196

 

Loans secured by real estate

 

 

6,792

 

 

 

—

 

 

 

—

 

 

 

6,792

 

 

 

196

 

Agricultural loans

 

 

600

 

 

 

9,526

 

 

 

—

 

 

 

10,126

 

 

 

788

 

Commercial and industrial loans

 

 

57

 

 

 

1,234

 

 

 

—

 

 

 

1,291

 

 

 

260

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

7,449

 

 

$

10,760

 

 

$

—

 

 

$

18,209

 

 

$

1,244

 
Credit Risk Profile of Loan Portfolio Based on Risk Rating Category and Payment Activity The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of December 31, 2025 and 2024 (in thousands):

 

 

 

Term Loans by Origination Year

 

 

Revolving

 

 

 

 

Risk rating

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Loans

 

 

Total

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development loans

 

Pass

 

$

114,696

 

 

$

99,757

 

 

$

119,602

 

 

$

5,167

 

 

$

6,048

 

 

$

14,659

 

 

$

—

 

 

$

359,929

 

Special mention

 

 

—

 

 

 

—

 

 

 

398

 

 

 

—

 

 

 

—

 

 

 

348

 

 

 

—

 

 

 

746

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

—

 

 

 

7

 

 

 

—

 

 

 

12

 

Total

 

$

114,696

 

 

$

99,757

 

 

$

120,000

 

 

$

5,172

 

 

$

6,048

 

 

$

15,014

 

 

$

—

 

 

$

360,687

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

107

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

107

 

Agricultural real estate loans

 

Pass

 

$

42,758

 

 

$

22,040

 

 

$

12,609

 

 

$

107,950

 

 

$

61,357

 

 

$

87,939

 

 

$

—

 

 

$

334,653

 

Special mention

 

 

228

 

 

 

339

 

 

 

806

 

 

 

22,343

 

 

 

1,331

 

 

 

7,810

 

 

 

—

 

 

 

32,857

 

Substandard

 

 

598

 

 

 

194

 

 

 

—

 

 

 

224

 

 

 

392

 

 

 

4,490

 

 

 

—

 

 

 

5,898

 

Total

 

$

43,584

 

 

$

22,573

 

 

$

13,415

 

 

$

130,517

 

 

$

63,080

 

 

$

100,239

 

 

$

—

 

 

$

373,408

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

1-4 family residential property loans

 

Pass

 

$

54,180

 

 

$

31,041

 

 

$

28,668

 

 

$

62,974

 

 

$

64,512

 

 

$

144,475

 

 

$

92,629

 

 

$

478,479

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

185

 

 

 

93

 

 

 

760

 

 

 

—

 

 

 

1,038

 

Substandard

 

 

127

 

 

 

529

 

 

 

584

 

 

 

624

 

 

 

670

 

 

 

6,946

 

 

 

857

 

 

 

10,337

 

Total

 

$

54,307

 

 

$

31,570

 

 

$

29,252

 

 

$

63,783

 

 

$

65,275

 

 

$

152,181

 

 

$

93,486

 

 

$

489,854

 

Current period gross writeoffs

 

$

—

 

 

$

12

 

 

$

9

 

 

$

—

 

 

$

—

 

 

$

135

 

 

$

—

 

 

$

156

 

Commercial real estate loans

 

Pass

 

$

459,831

 

 

$

217,098

 

 

$

157,923

 

 

$

597,491

 

 

$

498,456

 

 

$

916,195

 

 

$

—

 

 

$

2,846,994

 

Special mention

 

 

—

 

 

 

371

 

 

 

1,150

 

 

 

12,931

 

 

 

248

 

 

 

4,760

 

 

 

—

 

 

 

19,460

 

Substandard

 

 

—

 

 

 

5,000

 

 

 

15,295

 

 

 

6,246

 

 

 

2,394

 

 

 

8,763

 

 

 

—

 

 

 

37,698

 

Total

 

$

459,831

 

 

$

222,469

 

 

$

174,368

 

 

$

616,668

 

 

$

501,098

 

 

$

929,718

 

 

$

—

 

 

$

2,904,152

 

Current period gross writeoffs

 

$

—

 

 

$

699

 

 

$

—

 

 

$

391

 

 

$

—

 

 

$

107

 

 

$

—

 

 

$

1,197

 

Agricultural loans

 

Pass

 

$

230,666

 

 

$

45,361

 

 

$

7,684

 

 

$

10,151

 

 

$

6,363

 

 

$

2,560

 

 

$

—

 

 

$

302,785

 

Special mention

 

 

1,209

 

 

 

76

 

 

 

11

 

 

 

—

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

1,319

 

Substandard

 

 

451

 

 

 

367

 

 

 

2,484

 

 

 

845

 

 

 

24

 

 

 

—

 

 

 

—

 

 

 

4,171

 

Total

 

$

232,326

 

 

$

45,804

 

 

$

10,179

 

 

$

10,996

 

 

$

6,410

 

 

$

2,560

 

 

$

—

 

 

$

308,275

 

Current period gross writeoffs

 

$

—

 

 

$

280

 

 

$

1,081

 

 

$

836

 

 

$

306

 

 

$

—

 

 

$

—

 

 

$

2,503

 

Commercial and industrial loans

 

Pass

 

$

431,942

 

 

$

214,908

 

 

$

82,977

 

 

$

210,658

 

 

$

159,029

 

 

$

357,077

 

 

$

—

 

 

$

1,456,591

 

Special mention

 

 

19,409

 

 

 

8,898

 

 

 

2,542

 

 

 

7,965

 

 

 

61

 

 

 

26,193

 

 

 

—

 

 

 

65,068

 

Substandard

 

 

—

 

 

 

1,397

 

 

 

2,180

 

 

 

1,008

 

 

 

219

 

 

 

16,617

 

 

 

—

 

 

 

21,421

 

Total

 

$

451,351

 

 

$

225,203

 

 

$

87,699

 

 

$

219,631

 

 

$

159,309

 

 

$

399,887

 

 

$

—

 

 

$

1,543,080

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

163

 

 

$

225

 

 

$

497

 

 

$

1,600

 

 

$

—

 

 

$

2,485

 

Consumer loans

 

Pass

 

$

5,619

 

 

$

2,555

 

 

$

2,812

 

 

$

12,861

 

 

$

5,511

 

 

$

2,119

 

 

$

—

 

 

$

31,477

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22

 

Substandard

 

 

—

 

 

 

30

 

 

 

9

 

 

 

171

 

 

 

132

 

 

 

77

 

 

 

—

 

 

 

419

 

Total

 

$

5,619

 

 

$

2,585

 

 

$

2,821

 

 

$

13,054

 

 

$

5,643

 

 

$

2,196

 

 

$

—

 

 

$

31,918

 

Current period gross writeoffs

 

$

5

 

 

$

23

 

 

$

27

 

 

$

99

 

 

$

43

 

 

$

1,228

 

 

$

—

 

 

$

1,425

 

Total loans

 

Pass

 

$

1,339,692

 

 

$

632,760

 

 

$

412,275

 

 

$

1,007,252

 

 

$

801,276

 

 

$

1,525,024

 

 

$

92,629

 

 

$

5,810,908

 

Special mention

 

 

20,846

 

 

 

9,684

 

 

 

4,907

 

 

 

43,446

 

 

 

1,756

 

 

 

39,871

 

 

 

—

 

 

 

120,510

 

Substandard

 

 

1,176

 

 

 

7,517

 

 

 

20,552

 

 

 

9,123

 

 

 

3,831

 

 

 

36,900

 

 

 

857

 

 

 

79,956

 

Total

 

$

1,361,714

 

 

$

649,961

 

 

$

437,734

 

 

$

1,059,821

 

 

$

806,863

 

 

$

1,601,795

 

 

$

93,486

 

 

$

6,011,374

 

Current period gross writeoffs

 

$

5

 

 

$

1,014

 

 

$

1,387

 

 

$

1,551

 

 

$

846

 

 

$

3,070

 

 

$

—

 

 

$

7,873

 

 

 

 

Term Loans by Origination Year

 

 

Revolving

 

 

 

 

Risk rating

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Loans

 

 

Total

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development loans

 

Pass

 

$

82,696

 

 

$

101,715

 

 

$

14,390

 

 

$

15,817

 

 

$

4,735

 

 

$

16,342

 

 

$

—

 

 

$

235,695

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

382

 

 

 

—

 

 

 

382

 

Substandard

 

 

—

 

 

 

—

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

16

 

Total

 

$

82,696

 

 

$

101,715

 

 

$

14,396

 

 

$

15,817

 

 

$

4,735

 

 

$

16,734

 

 

$

—

 

 

$

236,093

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Agricultural real estate loans

 

Pass

 

$

25,824

 

 

$

17,292

 

 

$

159,433

 

 

$

55,083

 

 

$

48,700

 

 

$

73,592

 

 

$

—

 

 

$

379,924

 

Special mention

 

 

—

 

 

 

192

 

 

 

107

 

 

 

986

 

 

 

1,755

 

 

 

5,630

 

 

 

—

 

 

 

8,670

 

Substandard

 

 

—

 

 

 

141

 

 

 

966

 

 

 

—

 

 

 

—

 

 

 

1,059

 

 

 

—

 

 

 

2,166

 

Total

 

$

25,824

 

 

$

17,625

 

 

$

160,506

 

 

$

56,069

 

 

$

50,455

 

 

$

80,281

 

 

$

—

 

 

$

390,760

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

1-4 family residential property loans

 

Pass

 

$

46,350

 

 

$

36,454

 

 

$

74,580

 

 

$

75,325

 

 

$

61,936

 

 

$

110,348

 

 

$

79,714

 

 

$

484,707

 

Special mention

 

 

175

 

 

 

—

 

 

 

204

 

 

 

326

 

 

 

—

 

 

 

577

 

 

 

59

 

 

 

1,341

 

Substandard

 

 

174

 

 

 

672

 

 

 

916

 

 

 

737

 

 

 

557

 

 

 

6,875

 

 

 

618

 

 

 

10,549

 

Total

 

$

46,699

 

 

$

37,126

 

 

$

75,700

 

 

$

76,388

 

 

$

62,493

 

 

$

117,800

 

 

$

80,391

 

 

$

496,597

 

Current period gross writeoffs

 

$

—

 

 

$

46

 

 

$

13

 

 

$

33

 

 

$

—

 

 

$

103

 

 

$

—

 

 

$

195

 

Commercial real estate loans

 

Pass

 

$

216,297

 

 

$

213,704

 

 

$

680,665

 

 

$

535,056

 

 

$

289,855

 

 

$

774,516

 

 

$

—

 

 

$

2,710,093

 

Special mention

 

 

659

 

 

 

13,732

 

 

 

4,090

 

 

 

2,053

 

 

 

713

 

 

 

10,462

 

 

 

—

 

 

 

31,709

 

Substandard

 

 

—

 

 

 

49

 

 

 

3,844

 

 

 

467

 

 

 

—

 

 

 

4,067

 

 

 

—

 

 

 

8,427

 

Total

 

$

216,956

 

 

$

227,485

 

 

$

688,599

 

 

$

537,576

 

 

$

290,568

 

 

$

789,045

 

 

$

—

 

 

$

2,750,229

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

151

 

 

$

—

 

 

$

—

 

 

$

300

 

 

$

—

 

 

$

451

 

Agricultural loans

 

Pass

 

$

175,402

 

 

$

24,024

 

 

$

13,147

 

 

$

9,162

 

 

$

1,585

 

 

$

2,306

 

 

$

—

 

 

$

225,626

 

Special mention

 

 

617

 

 

 

2,208

 

 

 

976

 

 

 

100

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,901

 

Substandard

 

 

843

 

 

 

7,092

 

 

 

2,209

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,144

 

Total

 

$

176,862

 

 

$

33,324

 

 

$

16,332

 

 

$

9,262

 

 

$

1,585

 

 

$

2,306

 

 

$

—

 

 

$

239,671

 

Current period gross writeoffs

 

$

—

 

 

$

2,213

 

 

$

100

 

 

$

52

 

 

$

—

 

 

$

45

 

 

$

—

 

 

$

2,410

 

Commercial and industrial loans

 

Pass

 

$

307,785

 

 

$

228,411

 

 

$

278,845

 

 

$

183,042

 

 

$

131,005

 

 

$

360,610

 

 

$

—

 

 

$

1,489,698

 

Special mention

 

 

54

 

 

 

1,149

 

 

 

1,277

 

 

 

748

 

 

 

1,020

 

 

 

7,583

 

 

 

—

 

 

 

11,831

 

Substandard

 

 

65

 

 

 

1,410

 

 

 

789

 

 

 

446

 

 

 

98

 

 

 

815

 

 

 

—

 

 

 

3,623

 

Total

 

$

307,904

 

 

$

230,970

 

 

$

280,911

 

 

$

184,236

 

 

$

132,123

 

 

$

369,008

 

 

$

—

 

 

$

1,505,152

 

Current period gross writeoffs

 

$

10

 

 

$

47

 

 

$

207

 

 

$

378

 

 

$

10

 

 

$

36

 

 

$

—

 

 

$

688

 

Consumer loans

 

Pass

 

$

5,098

 

 

$

5,138

 

 

$

24,430

 

 

$

11,810

 

 

$

4,494

 

 

$

2,385

 

 

$

—

 

 

$

53,355

 

Special mention

 

 

—

 

 

 

—

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14

 

Substandard

 

 

12

 

 

 

21

 

 

 

259

 

 

 

216

 

 

 

54

 

 

 

29

 

 

 

—

 

 

 

591

 

Total

 

$

5,110

 

 

$

5,159

 

 

$

24,703

 

 

$

12,026

 

 

$

4,548

 

 

$

2,414

 

 

$

—

 

 

$

53,960

 

Current period gross writeoffs

 

$

98

 

 

$

63

 

 

$

154

 

 

$

139

 

 

$

59

 

 

$

1,491

 

 

$

—

 

 

$

2,004

 

Total loans

 

Pass

 

$

859,452

 

 

$

626,738

 

 

$

1,245,490

 

 

$

885,295

 

 

$

542,310

 

 

$

1,340,099

 

 

$

79,714

 

 

$

5,579,098

 

Special mention

 

 

1,505

 

 

 

17,281

 

 

 

6,668

 

 

 

4,213

 

 

 

3,488

 

 

 

24,634

 

 

 

59

 

 

 

57,848

 

Substandard

 

 

1,094

 

 

 

9,385

 

 

 

8,989

 

 

 

1,866

 

 

 

709

 

 

 

12,855

 

 

 

618

 

 

 

35,516

 

Total

 

$

862,051

 

 

$

653,404

 

 

$

1,261,147

 

 

$

891,374

 

 

$

546,507

 

 

$

1,377,588

 

 

$

80,391

 

 

$

5,672,462

 

Current period gross writeoffs

 

$

108

 

 

$

2,369

 

 

$

625

 

 

$

602

 

 

$

69

 

 

$

1,975

 

 

$

—

 

 

$

5,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Loan Portfolio, on Amortized Cost Basis, Aging Analysis

The following table presents the Company’s loan portfolio, on an amortized cost basis, aging analysis at December 31, 2025 and 2024 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

90 Days

 

 

 

 

 

 

 

 

 

 

 

Loans > 90

 

 

 

30-59 days

 

 

60-89 days

 

 

or More

 

 

Total

 

 

 

 

 

Total Loans

 

 

days and

 

 

 

Past Due

 

 

Past Due

 

 

Past Due

 

 

Past Due

 

 

Current

 

 

Receivable

 

 

Accruing

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

360,687

 

 

$

360,687

 

 

$

—

 

Agricultural real estate

 

 

—

 

 

 

—

 

 

 

841

 

 

 

841

 

 

 

372,567

 

 

 

373,408

 

 

 

—

 

1-4 family residential properties

 

 

4,725

 

 

 

1,630

 

 

 

1,687

 

 

 

8,042

 

 

 

481,812

 

 

 

489,854

 

 

 

—

 

Multifamily residential properties

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

339,482

 

 

 

339,482

 

 

 

—

 

Commercial real estate

 

 

712

 

 

 

228

 

 

 

5,671

 

 

 

6,611

 

 

 

2,558,059

 

 

 

2,564,670

 

 

 

—

 

Loans secured by real estate

 

 

5,437

 

 

 

1,858

 

 

 

8,199

 

 

 

15,494

 

 

 

4,112,607

 

 

 

4,128,101

 

 

 

—

 

Agricultural loans

 

 

—

 

 

 

19

 

 

 

—

 

 

 

19

 

 

 

308,256

 

 

 

308,275

 

 

 

—

 

Commercial and industrial loans

 

 

414

 

 

 

205

 

 

 

904

 

 

 

1,523

 

 

 

1,380,075

 

 

 

1,381,598

 

 

 

—

 

Consumer loans

 

 

329

 

 

 

44

 

 

 

111

 

 

 

484

 

 

 

31,434

 

 

 

31,918

 

 

 

—

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

161,482

 

 

 

161,482

 

 

 

—

 

Total loans

 

$

6,180

 

 

$

2,126

 

 

$

9,214

 

 

$

17,520

 

 

$

5,993,854

 

 

$

6,011,374

 

 

$

—

 

Percent of total loans

 

 

 

 

 

 

 

 

 

 

 

0.29

%

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development

 

$

6

 

 

$

—

 

 

$

—

 

 

$

6

 

 

$

236,087

 

 

$

236,093

 

 

$

—

 

Agricultural real estate

 

 

—

 

 

 

—

 

 

 

533

 

 

 

533

 

 

 

390,227

 

 

 

390,760

 

 

 

—

 

1-4 family residential properties

 

 

2,209

 

 

 

931

 

 

 

2,089

 

 

 

5,229

 

 

 

491,368

 

 

 

496,597

 

 

 

—

 

Multifamily residential properties

 

 

—

 

 

 

—

 

 

 

472

 

 

 

472

 

 

 

332,172

 

 

 

332,644

 

 

 

—

 

Commercial real estate

 

 

595

 

 

 

553

 

 

 

344

 

 

 

1,492

 

 

 

2,416,093

 

 

 

2,417,585

 

 

 

—

 

Loans secured by real estate

 

 

2,810

 

 

 

1,484

 

 

 

3,438

 

 

 

7,732

 

 

 

3,865,947

 

 

 

3,873,679

 

 

 

—

 

Agricultural loans

 

 

550

 

 

 

—

 

 

 

1,289

 

 

 

1,839

 

 

 

237,832

 

 

 

239,671

 

 

 

—

 

Commercial and industrial loans

 

 

337

 

 

 

89

 

 

 

463

 

 

 

889

 

 

 

1,335,031

 

 

 

1,335,920

 

 

 

—

 

Consumer loans

 

 

442

 

 

 

48

 

 

 

111

 

 

 

601

 

 

 

53,359

 

 

 

53,960

 

 

 

—

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

169,232

 

 

 

169,232

 

 

 

—

 

Total loans

 

$

4,139

 

 

$

1,621

 

 

$

5,301

 

 

$

11,061

 

 

$

5,661,401

 

 

$

5,672,462

 

 

$

—

 

Percent of total loans

 

 

 

 

 

 

 

 

 

 

 

0.19

%

 

 

 

 

 

 

 

 

 
Recorded Balance of Loans on Nonaccrual Loans

The following table presents the Company’s recorded balance of nonaccrual loans at December 31, 2025 and December 31, 2024 (in thousands). This table excludes performing purchased credit deteriorated loans and performing loans modified.

 

 

 

2025

 

 

2024

 

 

 

Nonaccrual
with no
Allowance for

 

 

 

 

 

Nonaccrual
with no
Allowance for

 

 

 

 

 

 

Credit Loss

 

 

Nonaccrual

 

 

Credit Loss

 

 

Nonaccrual

 

Construction and land development

 

$

5

 

 

$

5

 

 

$

6

 

 

$

6

 

Agricultural real estate

 

 

1,181

 

 

 

1,181

 

 

 

2,213

 

 

 

2,213

 

1-4 family residential properties

 

 

4,940

 

 

 

5,763

 

 

 

4,196

 

 

 

4,937

 

Multifamily residential properties

 

 

371

 

 

 

371

 

 

 

—

 

 

 

—

 

Commercial real estate

 

 

10,109

 

 

 

10,381

 

 

 

4,901

 

 

 

7,716

 

Loans secured by real estate

 

 

16,606

 

 

 

17,701

 

 

 

11,316

 

 

 

14,872

 

Agricultural loans

 

 

19

 

 

 

19

 

 

 

1,371

 

 

 

11,521

 

Commercial and industrial loans

 

 

1,232

 

 

 

1,967

 

 

 

1,320

 

 

 

2,071

 

Consumer loans

 

 

182

 

 

 

182

 

 

 

311

 

 

 

311

 

All other loans

 

 

1,942

 

 

 

11,184

 

 

 

—

 

 

 

—

 

Total loans

 

$

19,981

 

 

$

31,053

 

 

$

14,318

 

 

$

28,775

 
Amortized Cost Basis of Loans Experiencing Financial Difficulty and Modified

The following table shows the amortized cost of loans at December 31, 2025 and 2024 that were both experiencing financial difficulty and modified segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below.

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Payment

 

 

Term

 

 

Interest

 

 

Class of

 

 

 

Delay

 

 

Extension

 

 

Rate

 

 

Financing

 

 

 

Investment

 

 

Modifications

 

 

Reduction

 

 

Receivable

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

288

 

 

$

—

 

 

$

—

 

 

 

—

%

1-4 family residential properties

 

 

9

 

 

 

1,085

 

 

 

—

 

 

 

0.02

%

Commercial real estate

 

 

575

 

 

 

—

 

 

 

505

 

 

 

0.02

%

Loans secured by real estate

 

 

872

 

 

 

1,085

 

 

 

505

 

 

 

0.04

%

Commercial and industrial loans

 

 

708

 

 

 

73

 

 

 

—

 

 

 

0.01

%

Consumer loans

 

 

—

 

 

 

4

 

 

 

—

 

 

 

—

%

Total

 

$

1,580

 

 

$

1,162

 

 

$

505

 

 

 

0.05

%

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

309

 

 

$

—

 

 

$

—

 

 

 

0.01

%

1-4 family residential properties

 

 

45

 

 

 

758

 

 

 

—

 

 

 

0.01

%

Commercial real estate

 

 

847

 

 

 

188

 

 

 

472

 

 

 

0.03

%

Loans secured by real estate

 

 

1,201

 

 

 

946

 

 

 

472

 

 

 

0.05

%

Commercial and industrial loans

 

 

136

 

 

 

92

 

 

 

—

 

 

 

—

%

Consumer loans

 

 

2

 

 

 

8

 

 

 

—

 

 

 

—

%

Total

 

$

1,339

 

 

$

1,046

 

 

$

472

 

 

 

0.05

%
Performance of loans modified The following table shows the performance of such loans that have been modified in the last twelve months ended December 31, 2025.

 

 

 

30-59
Days Past
Due

 

 

60-89
Days Past
Due

 

 

90 Days or
More
Past Due

 

 

Total Past
Due

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

—

 

 

$

505

 

 

$

—

 

 

$

505

 

Loans secured by real estate

 

 

—

 

 

 

505

 

 

 

—

 

 

 

505

 

Commercial and industrial loans

 

 

—

 

 

 

723

 

 

 

—

 

 

 

723

 

Total loans

 

$

—

 

 

$

1,228

 

 

$

—

 

 

$

1,228

 
Financial Effect of Loan Modifications

The following table shows the financial effect of loan modifications during the current quarter to borrowers experiencing financial difficulty for the three months ended December 31, 2025.

 

 

 

Weighted Average

 

 

Weighted Average

 

 

 

Interest Rate

 

 

Term Extension

 

 

 

Reduction

 

 

(in months)

 

Agricultural real estate

 

 

—

%

 

 

—

 

1-4 family residential properties

 

 

—

%

 

 

—

 

Commercial real estate

 

 

—

%

 

 

—

 

Commercial and industrial loans

 

 

—

%

 

 

—

 

Consumer loans

 

 

—

%

 

 

—

 

Other Loans

 

 

—

%

 

 

—

 
Summary of Purchased Credit Deteriorated (PCD) Loans

During 2023, the Company acquired loans from Blackhawk Bank, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows (in thousands):

 

 

 

Blackhawk Acquisition

 

Purchase price of purchase credit deteriorated loans at acquisition

 

$

115,250

 

Allowance for credit losses at acquisition

 

 

(3,791

)

Non-credit discount/(premium) at acquisition

 

 

(5,476

)

Fair value of purchased credit deteriorated loans at acquisition

 

$

105,983